51 White Oak St Unit 4D

New Rochelle, NY 10801

$215,000D

2 bd · 1.0 ba · 1,000 sqft · Built 1952 · Condo · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,399/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$484
• HOA: −$1,463
• Vac / Maint / Mgmt: −$714
• Net cashflow: $-389/mo
• Annual: $-4,663/yr
• Cap rate: 4.82%
• Cash-on-cash: -5.25%
• DSCR: 0.77
• 1% rule: 1.58%
• Cash to close: $60,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $-389 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 28 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William B Ward Elementary School (math 56% / reading 72%, grade B, #658 of 2,108 statewide, top 31%, 988 students, 33% FRL); Albert Leonard Middle School (math 41% / reading 73%, grade B, #192 of 729 statewide, top 28%, 1,086 students, 42% FRL); New Rochelle High School (math 87% / reading 72%, grade A-, #518 of 1,100 statewide, top 51%, 3,076 students, 57% FRL) — zoned schools at 44% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo; HOA is 43% of rent; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.4%/yr); 138 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,399/mo this rent would consume 48% of the median local household income ($86k/yr) (locally 2797% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.